The news that Binance, the world’s largest cryptocurrency exchange by trade volume, was reportedly under investigation by the United States CFTC regarding possible trades made by U.S based customers sent shock waves across the entire crypto market.
Binance founder and CEO Changpeng Zhao (CZ) however dismissed the reports during a live AMA on Clubhouse, saying that the report had “no teeth.”
The market reaction was seen in Bitcoin tumbling to lows of $55,050 while the Altcoin market continued in its profit-taking. Despite the market concerns, a handful of Altcoins chased after new all-time highs. On Mar. 12, VeChain (VET), Terra (LUNA), Near Protocol (NEAR), SKALE Network (SKL), Harmony (ONE) clinched new all-time highs.
VeChain (VET)
VeChain (VET) is a blockchain-powered supply chain platform that aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. New partnerships such as Norway’s Hydro with DNV blockchain and another project by Danish company ReSea may have provided Vechain boost.
Along with real-world use cases, VeChain’s technology has also been used to launch VIMworld, an NFT-based collectibles platform that may benefit from the current NFT frenzy.
VeChain Token (VET) went ahead to set new all-time highs at $0.07237, exactly a year it hit bottom lows during the March 2020 market carnage.
SKALE Network (SKL)
The elastic network for Ethereum scaling, SKALE Network (SKL) went live on Coinbase on Mar. 11. SKL consequently rose to the top-10 cryptocurrency assets staked by value. Coinbase’s recent listing announcement included Altcoins like Polygon’s MATIC and SUSHI.
On a 7-day basis, SKL’s market value has surged by nearly 200% while reaching fresh all-time highs of $1.22. MATIC also clocked new all-time highs of $0.5089 following the listing.
Terra (LUNA)
Terra (LUNA) continues to post new all-time highs, the latest one on March 12th. Luna’s price received a boost after TerraUSD and its UST Stablecoin saw increased demand from Mirror, which is Terra’s synthetic assets protocol. To meet up its obligation, 80 million Luna were burnt to mint 447 million UST. This decreased LUNA’s circulating supply from 484 million to a present value of 409 million, which has been a positive development for its price.
To further boost the usage of UST, Terra funded its strategic investment arm Terraform Capital with $10 million in seed capital. Terra (LUNA) is up 21.50% in the last 24 hours, clinching new highs of $13.85.
Harmony (ONE) and Near Protocol (NEAR)
Ethereum is currently facing scalability issues and becoming very hard to use. However, the current issues experienced in Ethereum are opening doors for others to become popular alternatives.
Harmony (ONE) has rallied to new all-time highs of $0.06033 as the proof-of-stake smart contract platform is profiting immensely from Ethereum’s skyrocketing gas fees. Harmony also supports a DApp-based prediction market called SeeMarket, and LMA, which is a non-fungible token art gallery.
Just like Harmony, Near protocol (NEAR) is a delegated Proof of Stake (PoS) blockchain with smart contract compatibility. NEAR is also interoperable with Ethereum via their Rainbow Bridge a trustless bridge that transfers assets like ERC20 tokens and NFT’s between Ethereum and NEAR. NEAR rallied to all-time highs of $7.43 on Mar. 12.
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